Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo is set to present a business update during an online event on July 10 as its stock price approach a new all time low after plummeting 53 percent in the last two months.
Earlier this week, the company announced that received the first of two tranches of advanced manufacturing assets from Arrival Automotive UK Limited. The British EV startup, has gone into bankruptcy protection without making any sales earlier this year.
As of the time of writing, Canoo shares are trading nearly 7 percent higher at $1.73 per share resulting in a market cap of about $120 million. Last Friday, the company filed a Form with the Securities and Exchange Commission (SEC) for the potential sale of up to 5,571,500 shares.
The event, hosted by the investment firm Force Family Office, will run from 4:00 PM to 5:00 PM eastern time and stakeholders can register to watch the event live via the following link.
The company has recently announced it had entered into a $15 million Pre-Paid Advance Agreement (PPA) with YA II PN, Ltd., managed by Yorkville Advisors.
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Last week, the chief financial officer, Greg Ethridge, participated at the Sidoti Small Cap conference where he stated the company is “at the stage of production ramp”.
The CFO said that Canoo will, “overtime”, set up “manufacturing in international locations” besides its manufacturing plant in Oklahoma, United States.
These assets have been delivered to Canoo’s Foreign Trade Zone (FTZ) designated facility in Oklahoma City, Oklahoma, and are set to significantly enhance the company’s production capabilities.
The initial delivery comprised 44 containers containing 226 lots of advanced manufacturing assets including robots and a comprehensive production infrastructure, according to Canoo.
The startup said it expects these additions to streamline its in-house production processes, leading to reduced lead times, enhanced scalability, lower capital expenditures, and ultimately, reduced unit costs.
By then, the agreement brought the startup approximately $45 million in proceeds and could generate an additional $12.9 million if the warrants are fully exercised.
Written by Cláudio Afonso | LinkedIn | X
